The Smart Cookies' Guide to Making More Dough by Smart Cookies; Jennifer Barrett; Andrea Baxter

Author:Smart Cookies; Jennifer Barrett; Andrea Baxter
Language: eng
Format: mobi
Tags: Self-Help
ISBN: 9781400160150
Publisher: Tantor Media
Published: 2008-09-30T10:00:00+00:00

chapter 5

Deflate Your Debt

Six Simple Steps to Get You Back in the Black

There’s a good chance you’re carrying around some kind of debt, whether it’s a revolving line of credit at your bank, a credit card (or two or three), or a loan you took out to cover the costs of college or a new car. Most Americans are. Even if you’re able to manage the minimum monthly payments with ease, it may feel like you’ll never be able to start making any real money until that debt is fully paid off. The good news is: You can. Yes, it’s important that you pay off any balances you owe, particularly if they come with a high interest rate. But carrying debt shouldn’t keep you from accumulating wealth. And, as we’ll explain later in this chapter, sometimes it makes more sense financially to invest extra earnings into a stock fund or a money-market account than to use it to pay off a debt faster. We’ll also help you prioritize your payments. But before we do that, it’s important to distinguish between the different types of debts you may have.

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